Tottenham Hotspur, Leicester City, Newcastle United, Southampton, Cardiff City, Brighton and Crystal Palace have agreed to set up digital wallets with an online trading platform which says it is in ‘no doubt’ the currency will eventually replace sterling in the multi-billion pound transfer industry.

The bitcoin system will also help clubs tackle ticket touting and counterfeit merchandising, according to online trading firm eToro, which has paid clubs to take part.

Blockchain and cryptocurrencies have no physical form and exist only as strings of computer code.